Interest on refund - Held that:- The amount in question, though found refundable to the assessee, was utilized by the Department and, therefore, interest was payable under Section 244(1A) of the Income Tax Act. - CIVIL APPEAL NO(S). 1774/2006 - Dated .....

Ms. Saumya Mehrotra, Adv., Mr. Prakash Kumar, Adv., Ms. Bhavita, Adv. ORDER For the sake of convenience, we take note of the facts in respect of Assessment Year 1987-88 as similar factual situation appears in respect of all three Assessment Years vi .....

43(3)by the Assessing Authority as per which an amount of ₹ 2,03,29,841/- was found refundable to the respondent/assessee. Instead of immediate refund of this amount, the Assessing Authority ordered that the same would be adjusted against the d .....